Ukraine Will Regulate Cryptocurrencies as Financial Instruments

Published on15 Aug. 2018

Ukrainian financial regulators plan to recognize cryptocurrencies as the financial instruments such as shares, obligations, or bills. Tymur Khromaiev, the head of the National Commission on Securities and Stock Market, revealed the information in the UNN interview.

Crypto units are most probably the financial instruments; they are not the means of payment. They are the means of accounting and accumulation. It rather resembles a share, obligation, or bill. We plan to recognize cryptocurrencies as the financial assets on the legislative level and allow people to invest and use these instruments,

— Khromaiev stated.

Such position on cryptocurrencies is standard not only for Ukraine, says Khromaiev. Switzerland, Malta, Gibraltar, and other European countries have similar legislative recognition and regulation.

The head of the Commission said that all financial regulators discussed the question on the latest gathering of the Financial Stability Board.

We have to define the main principles for the qualitative changes to the legislation that should be introduced for the further development of this sector. We have to create the conditions for the economic evolution of this activity, offer tax rules, decide on supervisory functions, etc. At the moment, the Commission, together with the deputies and crypto community, is working on the law project. We would like it to be discussed this or the next year in Verkhovna Rada,

— Khromaiev added.

On the Financial Stability Board meeting, the government supported the new conception of the cryptocurrency regulation, i.e., recognizing the separate categories of cryptocurrencies as the financial instruments. The idea was offered by the Board itself - and the officials from the Ukrainian regulative bodies, i.e., National Bank, Ministry of Finance, National Commission on Financial Services, National Commission on Securities and Stock Market, and Deposit Insurance Fund.

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